Credit Cards - Free Online Best Credit Cards Info

Our site helps you find credit cards and select the one that fits your needs. All credit cards in our database accept online applications. We currenty cover the All markets.

You can start by viewing and comparing cards in any of the main catogories (listed on your right) or by performing a search.

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When you are ready, click on the "apply online" link next to the product you selected and submit a credit card application in seconds through the issuer's secure application form. Worried about your privacy? Read why it is safe to apply for credit cards online.

Credit card processing, once a luxury, now has become widely available and affordable . Not long ago, only a selected people had access to merchant accounts. The world has totally changed now, Due to the Internet and The Internet enables you to setup credit card processing online with no time and with your own merchant account quickly and easily, and With Out any Risk.

A credit card is a plastic card usually 3-1/8 inches by 2-1/8 inches in size, that contains identification information such as a signature or picture, and authorizes the person named on it to charge purchases or services to his account -- charges for which he will be billed. This card which can be used to obtain cash, goods or services up to a stipulated credit limit. The supplier is later paid by the credit card company (eg Access) which in due course is reimbursed by the credit card holder. The credit granted can be settled in full by the end of a specified period or in part, with the balance taken as extended credit. Interest may be charged on the transaction amounts from the date of each transaction or only on the extended credit where the credit granted has not been settled in full.

This plastic card contains a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, whose size and interest rate are determined by the borrower's income and credit report.

History of Credit cards

Credit cards began in the late '40s when banks began giving out paper certificates that could be used like cash in local stores. The first real credit card was issued in 1951 by Franklin National Bank in New York.

But according to Encyclopedia Britannica, the use of credit cards started in United States of America in 1920s when companies like hotels and oil companies began giving them to customers for purchases made at those business. The use of credit cards increased after World War II.

The first universal credit card -- one that could be used at a variety of stores and businesses -- was introduced by Diners Club, Inc., in 1950. Later the major universal credit card was issued by American Express company in 1958 with a slogan – "Don't leave home without it!"

Later came the bank credit-card system. Under this plan, the bank credits the account of the merchant as sales slips are received and assembles charges to be billed to the cardholder at the end of the billing period. The cardholder, in turn, pays the bank either the entire balance or in monthly installments with interest.

The first national bank plan was BankAmericard, that started on a statewide basis in 1959 by the Bank of America in California. This system was licensed in other states starting in 1966, and was renamed Visa in 1976.

Numbering system used in the Credit Cards Although Phone companies and departmental stores follow their own numbering system, ANSI Standard X4. 13-1983 is the system used by the most of the national credit card systems.

MTV CREDIT CARD

4321 2345 1567 2873

For example if we consider the above credit card the numbers indicate

4321 - indicates the system number

2345 - indicates the Bank number

1567 - indicates the Account number

2873- indicates the Check digit

The stripe on the back of a credit card is a magnetic stripe, also called as magstripe. The magstripe is made up of tiny iron-based magnetic particles in a plastic film. A magstripe reader can understand the information on the three-track stripe.

About the magstripe There are three tracks on the magstripe. Our credit card usually uses only two tracks the third one is read/write track which includes encrypted PIN, Country code, currency units and amount authorized).

How the credit card works

When you purchase something and give credit card instead of cash to the cashier of that show room he swipes the credit card through a reader, the EDC software at the point-of-sale (POS) terminal dials a stored telephone number (using a modem) to call an acquirer. An acquirer is an organization that collects credit-authentication requests from merchants and provides the merchants with a payment guarantee. When the acquirer company gets the credit-card authentication request, it checks the transaction for validity and the record on the magstripe for:

Merchant ID

Valid card number

Expiration date

Credit-card limit

Card usage

And if he founds every thing is OK then the cashier gives back the card to the card holder and take his signature on the slip (given by the machine) and later he will get money, for the goods which the customer took, from the bank.

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